About the Declaration
The Shared Values Framework on Ethical Finance
The Shared Values Framework (SVF) is the core output of the Declaration. Launched in 2018, the document is the product of a collaboration between the Islamic Finance Council (UK), the Church of Scotland and GEFI, and outlines 6 key shared values between the Christian and Muslim faiths.
Practical Applications in the Finance and Investment Industries
Launched at Ethical Finance 2019, the Practical Applications document provides analysis and commentary on the Shared Values Framework, to enhance its relevance for financial practitioners.
Reception to the project
Reception to the project from faith leaders and finance professionals around the world has been positive, following presentations at events including a Vatican conference on finance, Islamic finance conferences, and secular ethical finance conferences.
Videos
A number of videos highlighting aspects of the Declaration have been produced, including a series from the Canary Wharf Multifaith Chaplaincy.
Development of the Declaration
The Declaration was developed over a period of collaboration and consultation that began in 2013, taking shape in 2016 and launching the Shared Valued Framework in 2018.
Get Involved
The Declaration is intended to be a living document, updated as more faith practitioners and finance professionals contribute to it. We welcome input on the project from those of any faith or none.
About the Declaration
The Shared Values Framework on Ethical Finance
The Shared Values Framework (SVF) is the core output of the Declaration. Launched in 2018, the document is the product of a collaboration between the Islamic Finance Council (UK), the Church of Scotland and GEFI, and outlines 6 key shared values between the Christian and Muslim faiths.
Practical Applications in the Finance and Investment Industries
Launched at Ethical Finance 2019, the Practical Applications document provides analysis and commentary on the Shared Values Framework, to enhance its relevance for financial practitioners.
Reception to the project
Reception to the project from faith leaders and finance professionals around the world has been positive, following presentations at events including a Vatican conference on finance, Islamic finance conferences, and secular ethical finance conferences.
Videos
A number of videos highlighting aspects of the Declaration have been produced, including a series from the Canary Wharf Multifaith Chaplaincy.
Development of the Declaration
The Declaration was developed over a period of collaboration and consultation that began in 2013, taking shape in 2016 and launching the Shared Valued Framework in 2018.
Get Involved
The Declaration is intended to be a living document, updated as more faith practitioners and finance professionals contribute to it. We welcome input on the project from those of any faith or none.
Shared Values Framework for Ethical Finance
On the 22nd March 2016, the Church of Scotland and the Islamic Finance Council UK signed a partnership agreement to co-develop an ethical finance solution open to all society, regardless of race, religion or ethnic background and based on the shared values between the faith traditions. As part of this agreement a series of workshops were initiated to identify and crystalise the shared values and this draft has been compiled based on feedback from the earlier workshops.
Together, Islam and Christianity represent over half of the world’s population. They are influential in informing not only the value systems in countries where they constitute the majority of the population, but also in shaping the wider moral landscape within which the rest of the people on the planet live their lives.
In 2018, The Church of Scotland and the Islamic Finance Council UK (UKIFC) officially launched an interfaith shared values framework on ethical finance. You can download the summary of the framework here.
Practical Applications in the Finance and Investment Industries
At Ethical Finance 2019, UKIFC and Church of Scotland launched a “Practical Applications in Finance and Investment Industries” report to be read in conjunction with the EFD. The report provides analysis and commentary on the issues raised in the EFD and seeks to contribute to thinking on the propositions it puts forward.
The six shared values contained in the Declaration are considered in greater details within the context of financial services. The intent is to identify potential application of the EFD to the secular financial and investment industries in practical terms, shine a light on common purposes and values, and inform financial professionals on their journey through cultural change towards a fulfilling career.
“The Christian and Islamic faith traditions share a commitment to economic justice and a call to an equal distribution of the gifts of God. By collaborating and ‘putting our money where our morals are’ we have an opportunity to live out our common values and make a tangible change for those most affected by poverty. Active concern for our communities is an obligation and we look forward to meeting the challenge together.”
Rt. Rev Dr Angus Morrison, Church of Scotland
“Scotland has a proud heritage in ethical finance with the savings bank movement able to trace its origins back to the Rev. Henry Duncan of the Church of Scotland. This model was also used as the blueprint for the early Islamic banking attempts in the 1960s, which makes it particularly poignant that this new initiative in being led in Scotland.”
Omar Shaikh, UKIFC
“In the Church we don’t just want to talk about how we need to do things differently. We want to demonstrate how we can and are. Working with the Islamic Finance Council UK is an important part of that work. Not only are we trying to build a fairer economy together. We are also building vital friendships and relationships across our faiths. That is also really significant in today’s world where these relationships are so often defined by division.”
Rev Sally Foster-Fulton, Christian Aid
“The Scottish Government is delighted to support this joint initiative between the Islamic Finance Council UK and the Church of Scotland. In today’s world there is far too much conflict and it is important to remind people that there is more that unites than divides us. The shared values between the Christian, Islamic and the other Abrahamic faiths are well aligned to underpin ethical finance. Having this discussion has the ability to bring faiths together – not just here in Scotland, but across the world.”
Humza Yousaf MSP, Cabinet Secretary for Justice
“The Shared Values Framework is a remarkable and admirable document, reflecting very great credit on both the collaborative process and fine draftsmanship that generated it. I greatly admire this joint venture initiative between UKIFC and the Church of Scotland, and counted it a privilege to be able to learn from and participate in your discussion.”
Sir David Walker
“I commend you for the Shared Values Framework you and the Church of Scotland have formulated. I think it is a terrific example of interfaith collaboration at a substantive level of impact.”
Rabbi Joshua Ratner, JLens Investor Network
“I congratulate you – this is an excellent document to base dialogue and decisions upon.”
Nicoleta Acatrinei, Princeton University Faith & Work Initiative, Center for the Study of Religion
Activities
Canary Wharf Multifaith Chaplaincy Video Series on the EFD
1 – Stewardship
2 – Love of the Neighbour
3 – Human Flourishing
4 – Sustainability & Purposefulness
5 – Justice & Equity
6 – Common Good
Background
In 2013, the UKIFC held a round table with the Archbishop of Canterbury along with leaders from across the faiths to explore shared values towards ethical finance.
After three years of positive dialogue, in March 2016 UKIFC and the Church of Scotland announced a pioneering initiative to work collaboratively to produce an interfaith shared values framework that could underpin the development of an ethical financial solution based on shared values and open to all in society, regardless of faith or ethnic background.
Collectively we share a belief that existing financial institutions have, in recent years, lost their social conscience. Following the banking crisis of 2008, further ongoing scandals of mis-selling payment protection and interest rate fixing have raised the question if reforms have worked.
We felt that something had to be done and Scotland, with its proud heritage in ethical finance that includes the origins of the savings bank movement pioneered by Rev. Henry Duncan of the Church of Scotland, was the place to do it.
The Edinburgh Declaration is the shared values framework that has been developed from the feedback received from a structured programme of engagement (including discussions, workshops and market studies) that sought input from theologians, well-informed faith-thinkers, leading finance practitioners and academics. Although driven by Islam and Presbyterian faiths, the Declaration reflects views from across the Abrahamic faiths. The Declaration will provide the guiding principles that underpin the formulation of a financial product or service.
"The shared values between the Christian, Islamic and the other Abrahamic faiths are well aligned to underpin ethical finance. Having this discussion has the ability to bring faiths together – not just here in Scotland, but across the world."
Humza Yousaf MSP, Cabinet Secretary for Justice
Background Documents
In order to identify and articulate the shared values we held four workshops/round tables bringing together global theologians, leading industry practitioners and well-informed faith-thinkers, to explore and debate faith reflections on ethical finance and economics. The documents below provide further details on each of the meetings.